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Femi Otedola raises First HoldCo stake to 21.96% with N77.6bn share purchase
🇳🇬 Nigeria /Economy & Trade

Femi Otedola raises First HoldCo stake to 21.96% with N77.6bn share purchase

From Vanguard · () English

Summarized and contextualized by DistantNews.

At a glance

News Documents & data Context piece
  • Femi Otedola, Chairman of First HoldCo Plc, significantly increased his shareholding in the company.
  • He acquired an additional 706.13 million shares valued at N77.58 billion, raising his stake to 21.96%.
  • This purchase, made through his investment vehicle, boosts the total value of his holdings to over N1 trillion.

Femi Otedola, the Chairman of First HoldCo Plc, has substantially increased his stake in the financial institution, boosting his shareholding to 21.96 percent. This move follows the acquisition of an additional 706.13 million shares, valued at approximately N77.58 billion.

The transaction details, revealed in a share dealing notice from the Nigerian Exchange (NGX), show Otedola's control over shares rising from 9.28 billion to 9.99 billion. The shares were purchased through Calvados Global Services Limited, Otedola's investment vehicle.

This latest acquisition further solidifies the billionaire investor's position within First HoldCo. It comes just a month after a previous significant purchase where Otedola acquired 680 million shares worth N29.6 billion via a private placement. The value of his total investment in the company has now surged to N1.04 trillion, a notable increase from N566.43 billion in mid-June.

The continuous investment by Otedola underscores his confidence and commitment to First HoldCo, strengthening his influence and ownership in the financial institution.

DistantNews Editorial

Originally published by Vanguard. Summarized and contextualized by our editorial team with added local perspective. Read our editorial standards.

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